# Table 11: Demographics and Changes in Gross Positions (First Differences)

| Variable | Full: Δgross_assets | Full: Δgross_liab | Full: Δnfa | Full: CA/GDP |
|:---|---:|---:|---:|---:|
| Z_1 | -32.8469 | -24.1013 | -0.1278 | 3.0076 |
| | (44.1168) | (45.8570) | (0.2279) | (12.1877) |
| Z_2 | 5.2545 | 3.4122 | 0.0263 | -0.2553 |
| | (6.6012) | (6.8612) | (0.0341) | (1.8274) |
| Z_3 | -0.2059 | -0.1167 | -0.0013 | 0.0036 |
| | (0.2686) | (0.2792) | (0.0014) | (0.0744) |
| fiscal_bal_gdp | 0.2088 | -0.8059*** | 0.0113*** | 0.5224*** |
| | (0.1996) | (0.2034) | (0.0010) | (0.0347) |
| nfa_gdp_lag | 3.2281*** | 10.5693*** | -0.0848*** | 0.1015 |
| | (0.9670) | (0.9995) | (0.0050) | (0.2242) |
| log_rel_opw | -1.9627 | -2.0393 | 0.0007 | 2.2554*** |
| | (1.5078) | (1.5672) | (0.0078) | (0.4058) |
| kaopen | 1.4951** | 0.7038 | 0.0091** | -0.0180 |
| | (0.7400) | (0.7681) | (0.0038) | (0.1904) |
|:---|---:|---:|---:|---:|
| Dep var | d_gross_assets_gdp | d_gross_liab_gdp | d_nfa_gdp | ca_gdp |
| N | 4540 | 4540 | 4538 | 4406 |
| R² | 0.0103 | 0.0368 | 0.0766 | 0.1853 |
| Countries | 164 | 164 | 164 | 162 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*